Confirmation or denial – The price of Bitcoin (BTC) has closed previous periods above key levels, but traders and analysts point out that the conditions are not yet present, to hope for long hikes in the coming weeks.
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Bitcoin price: end of July in the green
Bitcoin price drops as low as $ 22,882 on Bitfinex today, 1uh August 2022. Manages to rise above $ 23,000. Cryptocurrency trades at $ 23,102 at the time of this writing. Its price is currently posting a daily loss of 2.94%.
Bitcoin closed July and last week in green. He did a weekly closure above the 200-week moving averageafter five consecutive closures in the period below this level.
Will this close be enough to restore the necessary momentum to the bulls, for a recapture of the next key levels on the path of $ 30,000?
Confirm: a wick still underneath
The fintech startup Material Indicators has urged caution regarding any optimistic assumptions based on this closure.
He pointed out that the bullish bear market he is still very much alive ”. Alone ” full candles above the 200 week and 50 month moving averages, they can be considered “valid breakout confirmations” above these key levels.
For now, Bitcoin has done well to close above these levels, but had opened the relevant periods below.
Trader Rekt Capital also blurs the scope of this 200-week moving average recapture. This event would mean that “the price will try to test again” this level as “new support this week”. Bitcoin will therefore now attempt to do so keep this support for the second consecutive week.
BTC price: consolidation after the rebound
On-chain analytics firm Santiment has released its Bitcoin price prediction for this month of August, based on its NVT model. The latter had successfully predicted the July trend.
This indicator currently provides a neutral trend for the price of Bitcoin in August, the month “can move in both directions”. Markets should therefore expect around 30 days of Bitcoin price consolidation.
After the recapture, the bulls must then defend the 200-week moving average to confirm a still fragile first win and claim a recapture of the $ 26,000-30,000 levels.
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